UMB Acquires Prairie Capital Management LLC
June 30 2010 - 9:41AM
Business Wire
UMB Financial Corporation (NASDAQ: UMBF), has signed a
definitive agreement for the acquisition of the assets of Prairie
Capital Management LLC, (Prairie) an independent asset management
and wealth management firm based in Kansas City, Mo. The
transaction is expected to close on July 30, 2010.
Prairie, with offices in Kansas City, Denver, Chicago and
Philadelphia, operates a national asset and wealth management
practice serving a diverse client base including high net worth
private clients, family offices, trusts, foundations and
endowments, corporations and plan sponsors. The Prairie team
provides institutional-quality investment advice, using a
multi-manager approach on an open architecture platform.
“The addition of Prairie Capital Management reflects UMB’s
strategic focus to invest in and grow our wealth management
business,” said Clyde Wendel, vice chairman, UMB Bank. “The
independent investment manager structure offered by Prairie will
provide qualified UMB clients an exciting and innovative range of
new professional services. Prairie has extensive experience
advising clients as they invest with managers across all asset
classes, and also provides unique access to many leading global
investment managers.”
Following the deal close, Prairie will operate as an independent
division in the UMB organization. The firm’s founders and
leadership team will continue to manage the business in their
current roles. Berkshire Capital served as exclusive financial
advisor to UMB on this transaction.
“UMB identified Prairie’s unique range of high net worth and
institutional services, the expertise the firm brings to investing
in multiple asset classes in a complex environment, and the overall
quality of the firm’s professional team,” said Peter deSilva,
president and chief operating officer, UMB. “Both companies share
excellent reputations, as well as similar cultures and management
styles, making this an attractive business combination that will
benefit all of our customers. Prairie will also benefit from UMB’s
strength and stability, as well as the extensive administrative
support services we will provide the firm, freeing the investment
team at Prairie to focus on serving clients.”
About
UMB:
UMB Financial Corporation (NASDAQ: UMBF) is a financial services
holding company headquartered in Kansas City, Mo., offering
complete banking, asset management, health spending solutions and
related financial services to commercial, institutional and
personal customers nationwide. Its banking subsidiaries own and
operate 135 banking centers throughout Missouri, Illinois,
Colorado, Kansas, Oklahoma, Nebraska and Arizona. Subsidiaries of
the holding company and the lead bank, UMB Bank, n.a., include
mutual fund and alternative investment services groups,
single-purpose companies that deal with brokerage services and
insurance, and a registered investment advisor that manages the
company's proprietary mutual funds and investment advisory accounts
for institutional customers. For more information, visit umb.com or
follow us on Twitter at @UMBFinancial.
About Prairie
Capital:
Prairie Capital Management LLC is an asset management and wealth
management consulting firm headquartered in Kansas City, Mo., and
is registered with the United States Securities and Exchange
Commission ("SEC") as an investment adviser under the Investment
Advisers Act of 1940. The firm serves clients in more than 25
states from its four offices in Kansas City, Chicago, Denver and
Philadelphia. For more information, visit
www.prairiecapital.com.
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